24/7 Wall Street released its annual study of all 50 states to determine how well-run they are, looking at financial conditions, quality of services and residents' standard of living.

The conclusion was that North Dakota is the best-run state, while oft-scorned California came in dead last for the third straight year.

The most poorly run states tended to have higher budget shortfalls and lower credit ratings. The better-run states were more likely to have fully-funded pensions, lower public debt and smaller budget deficits.

“The states that were well-managed also tended to have lower unemployment rates. Eight of the 10 states with the lowest unemployment rates ranked as the best-run states,” 24/7 Wall Street said. “California, Illinois, and Nevada — the states with the highest unemployment rates as of 2012 — were among the five worst-run states.”

Many of the best-run states benefited from natural resources, including North Dakota, Wyoming, Alaska and Texas. The housing collapse had a major adverse impact on some of the worst-run states, such as Arizona, California and Nevada.

“While these can be considered extenuating circumstances, the fact is that each state must deal with the cards it is dealt,” 24/7 Wall Street said. “Governments must plan for worst-case scenarios, including the collapse of an industry.”

“Several resource-rich states have squandered their advantages and rank poorly on our list. Good governance involves raising and spending enough to provide for the well-being of the population without risking the state’s long-term stability.”

The top 10 best-run states, in 24/7 Wall Street’s estimation, started with number 1 North Dakota, followed in order by Wyoming, Iowa, Nebraska, Utah, Vermont, Minnesota, Alaska, South Dakota and Texas.

The 10 worst-run states, started with number 50 California, followed by New Mexico, Illinois, Rhode Island, Nevada, Arizona, Louisiana, New Jersey, South Carolina and Connecticut.

Whether a state is well-run also does not necessarily mean it provides the best public education. Business Insider reported the states with the best eighth-grade test scores were Massachusetts, Vermont, Minnesota, New Jersey and New Hampshire. The worst ones were judged to be Alabama, Mississippi, District of Columbia, Tennessee and Oklahoma.